Properties at a Glance
A high-profile adaptive reuse and new construction project by Lexington Partners and InnoConn Construction will create new, upscale apartments with structured parking in this sought-after upscale location. The design which was unanimously approved by the West Hartford Town Council, includes the renovation of the Sisters of St. Joseph resulting in 292 new apartment homes, ranging from studios to three-bedrooms in size. The development features renovation and new construction, with a total height of four stories. Amenities include a roof top terrace, game room, great room, fitness center, an outdoor saltwater pool, a pet recreation area, electric car charging stations, and pet salon. The fitness center would include Peloton bikes, a group fitness area for classes and a golf simulator room. Design schematics prepared by Hartford’s Barton Partners Architects depict masonry-clad structures, with the newer buildings designed to complement the historic look of the campus’ chapel and older structures. Many of the apartments will have balconies.
PRIORITY WAIT LIST NOW FORMING FOR PRE-SELECTION IN LATE 2022.
Stats: 292 upscale apartment homes, 36 renovated Sister of St. Joseph, with surface parking, elevator and lifestyle amenities
The Tannery opened in 2017 on New London Turnpike in Glastonbury, holds 250 apartment units in 9 different buildings, the centerpiece being a rehab of an old factory from the 1800s. This project includes a very popular restaurant called The BeamHouse and cutting edge amenities including a heated salt water swimming pool, a pet washing station, and a state of the art fitness center, dog park and large clubhouse.
This property reached stabilization at 95% occupancy in 10 months after opening the first building. Institutional investor UBS Realty contributed 90% of the equity with Lexington Partners & Laz Investments. The Tannery was recently appraised at $70 Million.
The Tannery also offers garages and carport parking, a community bike system, bike storage shed, two electric car charging stations, and “The Landing,” which is the social center of the community consisting of a central gathering place overlooking the mill buildings, dam, waterfall and Roser’s Pond.
The 250 apartments consist of studios, one, two bedroom and three bedroom upscale apartment homes. There are 535 parking total parking spaces. The garages and carports are in high-demand and all rented by residents.
The Borden is mixed use development that consists of 150 apartments and 19,000 s/f of commercial/retail space situated in two adjacent buildings known as 1160 & 1178 Silas Deane Highway in Wethersfield. 1160 was formerly an office building that was converted into 8,000 s/f of ground level commercial space and 39 apartments on Floors 2-4. This conversion was completed in October 2019 and today is fully leased. 1178 is a brand-new five story structure that consists of 111 apartments and 11,000 s/f of ground level retail space. 1178 was completed on June 1, 2020 and is 90% leased 6 months later during a global pandemic.
The Borden offers residents a true lifestyle-driven, amenity rich community of studios, one, two, and select three bedroom modern apartment homes to choose from, all with elevator access. The Borden Wethersfield is a centrally located in a walkable location to many restaurants and shopping venues with close proximity to historic downtown Wethersfield. The Borden exceeded projections in its Summer 2020 lease-up for the 111 units at 1178 Silas Deane Highway. A deal has been made for an award-winning restaurant to be the anchor tenant on the ground level of 1178.
This 130 Unit, transit-oriented development has 2 buildings and is currently 97% leased, containing a 2-floor fitness center, a dog park, community bikes, and lounges and community rooms for the residents. Windsor Station is located in downtown Windsor, directly across from the Amtrak train station. Windsor Station opened in March 2017 and was 95% occupied by November of 2017. Since then Windsor Station has consistently been occupied between 95%-100%.
Both four-story, elevator-served buildings are positioned on Mechanic Street with views of Windsor Town Center and a preserve with water feature adjacent to renowned Loomis-Chaffe School campus. Windsor station is in walking distance to restaurants, stores, and other retail.
Old Saybrook, CT
In 2018, Lexington uncovered an opportunity to acquire 186 units in Old Saybrook, CT in a recently built development called Post & Main. The original developer spent several years getting approval for this project and as part of his business plan, sold it after stabilization. This property is in one of the most desirable shoreline communities in the state and is adjacent to the Saybrook Train Station which serves Amtrak and Metro North. Lexington Property Management immediately took over management of the property after the purchase and has been able to increase revenue quarter over quarter ever since. Saybrook Station has 9 buildings with an even mix of one and two bedrooms. There is a large clubhouse with a swimming pool, a grilling area and a dog park.
First constructed as a world-class department store in 1898, and revitalized in 2006, Sage Allen Apartments is a class-A apartment deal in downtown Hartford. The property is divided into two sections. The first building has 78 apartments overlooking Main Street. Directly behind the Lofts are The Sage Allen Townhomes which consist of 42 Townhomes. These townhomes were originally built to house The University of Hartford’s Business School students in a co-living/student housing orientation. After the university relocated, the student housing development was abandoned and the townhouses were repurposed as co-living, rentable by bedroom, for 4-5 individuals per townhouse. The townhomes sit above a 343 space parking garage, which is also part of this development.
Downtown Hartford, CT
Spectra Plaza (190 Units, Renovation Completed 2015)
The property is one of the premier downtown living experiences, also known as The Spectra Portfolio consisting of four of Hartford’s newest, most highly amenitized, downtown apartment communities, totaling 554 units. All four properties are stabilized at over 90% occupancy.
5 Constitution Plaza (190 units) was originally the infamous and fashionable Sonesta Hotel; home away from home to socialites, performers, and mid-century Hartford visionaries. Today this building has the most dynamic amenity spaces imaginable, such as a full indoor basketball court, huge resident bar & lounge, an inviting lobby, and restaurant/cafe on-site.
LAZ/LEX is buying into this portfolio. Further synergies on this property as well as sister properties are being explored through the transition to Lexington Property Management. LPM will provide additional expense efficiencies through inherent economies of scale and market clustering.
Downtown Hartford, CT
Spectra Pearl (157 Units, Renovation in 2019; 101 Pearl Consists of 101 Units, Renovation completed 2020).
Spectra Pearl & 101 Pearl Street is located at the center of our city’s renaissance. Born of historic fabric, made vibrant and new by the desire to be part of a collective reimagining of urban living. From the sundrenched roof deck with city views to modern interiors designed by New York based WonderWorks; these apartment homes are truly cutting edge in the Hartford downtown scene. Close to museums, cultural entertainment venues, UConn’s Downtown Campus, Constitution Plaza and all the hotspots along Front Street.
Downtown Hartford, CT
Spectra on the Park (106 Units, built in 2006, Renovation in 2018)
Directly adjacent and overlooking vibrant Bushnell Park in downtown Hartford 100 Trumbull Street (106 units) now Spectra on the Park and formerly known as Trumbull on the Park. This high-rise was previously developed and operated by Lexington from 2006 to 2017.
This inclusive community embraces neighbors in a way that feels authentic and warm. It was one of the first apartment communities revitalized in downtown back in 2006. Back then, we seemed like pioneers in this environment of new urban renewal. Today, we have so many other partners that have joined our quest for a more vibrant, connected, downtown lifestyle district.
New Haven, CT
Gateway Center is an 11 story office building that consists 111,000 s/f and includes a 350 car-8 level parking garage that sits next to the office building directly across from the New Haven train station. Lexington Partners and Laz Investments have been owners of this property since 1995.
Hickory, NC Portfolio
1. Waterside Apartments- 108 Units built in 1997
2. Catawba Place- 80 Units built in 1997
3. Cedar Rock- 76 Units built in 1989
4. Hickory East Apartments, 135 units built in 1983
5. Eastside Apartments, 16 units built in 1994
These 5 assets were purchased below market value by Lexington in 2019. These properties are all in the same neighborhood in Hickory, NC and are adjacent to one another on the same street. Lexington rebranded them as “On 20th”. The prior landlord did not raise rents for 10 years, leaving money on the table. Lexington is in the middle of executing a plan to complete deferred maintenance and renovate units, changing floors and some interior finishes and bringing rents up to market. LPM has relocated key leasing and property management professionals to Hickory to implement this plan. In the first year, the look of the properties drastically improved and growth in revenue was exceptional as expected.
Austell, GA Portfolio
1. Hunter’s Ridge – 200 apartment units, built in 1988
2. Kingsley Village – 146 apartment units, built in 1974
3. Parkview Apartments – 144 apartment units, built in 1971
The Austell Portfolio consists of 3 adjacent assets: Hunter’s Ridge, 200 apartments; Kinglsey Village, 146 apartments; and Parkview, 144 apartments – total of 490 apartments – in Austell Georgia; the Cumberland/Galleria submarket of Atlanta. The portfolio is situated along the former Riverside Parkway, which has been recently rebranded as “Six Flags Drive” by an extremely pro-active and business-friendly Cobb County government. This rebranding and investment in infrastructure led to the County’s securing over 5,000 new jobs in the immediate area since 2017. Suburban Atlanta continues to grow and the population growth of Cobb County reflects that. These assets are in an ideal location right off the interestate. The deal was an off-market acquisition and Lexington has been busy refreshing and turning over units since the purchase in late 2019. The property was owned by an absentee foreign investor and was sold after a partnership break-up.
Bradley Pointe in Savannah, GA is a class B asset of 144 units. Built in 2004, Bradley Pointe has large apartment homes (1,057 avg/sf) and is located in one of the most treasured markets in the Southeast. Originally constructed as a LIHTC property, it was released from the rent and income restrictions of that program a year ago. This presents Lexington and its investors a great opportunity to make value-add improvements, advance the quality of management, and convert these units into market rate apartments.
50 Modular Pre-manufactured Homes
Modular/Container building has exploded in recent years for all different type of construction, from homes to office buildings to schools and apartment buildings.
Lexington is purchasing a 4.64 acre piece of land about a mile from Lexington’s 415 unit “On 20th Apartments”, that currently stands as a tired mobile home community called St. Stephen’s Mobile Home Park. The land is set behind a major retail area and suburban single family home streets on the other side.
The plan is to remove the 33 trailer homes on site and reimagine the community with small, unique, modular single family rental homes and a modular clubhouse. These will be market rate units, attractive to renters that occupy other multi-family properties in Hickory, which includes a growing percentage of people that work in Charlotte. Additionally, there will be property management efficiencies due to our strong leasing and maintenance team already on the ground in Hickory.